Good morning, and welcome to hipages' full year results for the 12 months ended 30 June 2026. Joining me today is Roby Sharon-Zipser, our Co-Founder and Chief Executive Officer, and Jaco Jonker, our Chief Financial and Operating Officer.

We are hosting today's presentation through the InvestorHub platform. If you would like to ask a question verbally, please indicate this in the chat, including your name and organization.

When we move to the Q&A session, we will grant you speaker access. Please ensure you are unmuted at that time, and video participation is optional.

Alternatively, if you prefer to submit your question in the chat, please include your name and organization, and we will address it during the Q&A. I'll now hand over to Roby.

Thanks, Kylie. Good morning, and thanks for joining us today.

I'll start today's presentation on slide 5 with a brief overview of the company and our key strategic achievements and highlights from the year. I'll then take you through our exciting product development and expansion initiatives, and then hand over to Jaco to discuss the financial and operational performance in more detail.

Finally, I will provide some more color on our outlook for FY27 before opening up for Q&A. On slide 5 now.

hipages is ANZ's number one platform connecting households with trusted trades and home improvement businesses. Our purpose is simple: we are transforming the home improvement industry to build better lives for everyone.

FY26 was another important year in our evolution from a marketplace business into a multi-product platform serving trade businesses and households. We launched new platform functionality and AI-powered features, completed the migration of our Australian customers onto new pricing plans, acquired a majority stake in Viz Insurance, and launched an on-market share buyback.

We achieved a 50% free cash flow through-rate, meaning every $1 of growth revenue generates 50 cents in free cash flow. Importantly, we achieved our FY26 guidance for revenue, EBITDA margin, and free cash flow.

Slide 6 is just an amazing slide. Everything is directionally where we want it to be.

ARR, revenue, EBITDA, and free cash flow have all increased significantly over time, with the annualized recurring revenue approaching the $100 million mark. What stands out most is acceleration in cash generation, with free cash flow of $9.4 million in FY26, up 66% from the prior year.

The model is highly profitable. That is why we are expanding our TAM and moving into a multi-product platform, which I will elaborate on.

On that note, let's talk about how we are expanding our products and working on accelerating our growth and profitability. We started as a trade directory in Australia before evolving to a marketplace connecting households with tradies.

We then expanded geographically across Australia and New Zealand, replicating our Australian know-how to our New Zealand business. More recently, we've evolved into a platform which offers job management, payments, and software tools, and expanded into insurance with our acquisition of a majority stake in Viz Insurance.

Looking ahead, we see significant opportunities through other expansion services, including accounting and finance, procurement, household services, and other business management tools. Importantly, we see these opportunities as complementary to our existing business and leverage the trusted position we've established within the ecosystem, truly making hipages a multi-product, end-to-end platform.

There is also a significant, untapped opportunity to monetize the household side of the marketplace, which we are currently investing in exploring new products for these customers. Each expansion broadens our addressable market and increases our ability to capture a greater share of the customer wallet.

We've had some exciting new product releases this year, putting an even smarter business tool in every tradie's pocket, all in a one-connected app, further enhancing the customer experience. Looking to FY27, we will be adding further customer enhancements, such as an AI receptionist for handling incoming requests and questions, while our virtual assistant will assist trades with their outgoing work, including quoting, invoicing, and rescheduling.

We will continue enhancing our existing platform capabilities through AI-driven innovation, increasing productivity for our customers and allowing them to spend more time doing what they do best: building better lives for everyone. On the household side, we are further improving the job posting experience, making it easier and more straightforward for households to post a job while giving our trade businesses a clearer, more detailed, and concise job description to work off.

Additionally, we will work through how we integrate in LLMs as their advertising models evolve. We are always ahead on this, being one of the first companies in Australia to develop an integration with OpenAI ChatGPT.

Collectively, these features aim to save customers time while increasing the value of our platform. AI is rapidly becoming one of the most important enablers of our strategy.

Rather than viewing AI as a single initiative, we think of it as a capability that can improve almost every aspect of the hipages ecosystem. Our AI journey spans three key areas.

First, helping customers discover hipages through evolving search channels and AI-powered experiences. Second, enhancing our products through capabilities such as smart quotes, AI assistants, and future workflow automation tools.

Third, improving the efficiency of our own operations through AI-enabled customer service, sales, and software development. The opportunity is about creating better customer experiences, increasing engagement, improving productivity, and ultimately strengthening our competitive advantages.

Our position at the center of millions of home improvement interactions gives us a unique dataset and customer understanding, increasingly valuable as AI capabilities continue to evolve. As a result, we expect AI to be an important enabler to grow and efficiently across the businesses over the coming years.

To give you a flavor of the recent app developments we released in FY26, here's a short video highlighting the incremental value now included in a customer subscription. That was a great video.

Thank you. Now we're on slide 12.

Viz Insurance represents a significant, exciting strategic milestone, with insurance a logical adjacent market for hipages. It's a non-discretionary product purchased by our customers every year and deeply embedded within their business operations.

The acquisition expands our addressable market, adds approximately 4,500 service businesses, and creates new opportunities to deliver value to our customers. Importantly, we acquired a majority stake while maintaining financial flexibility.

We believe Viz demonstrates the effectiveness of our expansion strategy and provides a template for future opportunities. Viz will be launching a variety of additional insurance products this year, which will also be available to all our hipages customers.

I'm very excited about the growth of Viz and the deep integrations we are currently developing to realize meaningful synergies. One of the strengths of our strategy is that we don't need to build everything ourselves.

Our perk partnerships allows us to provide additional customer service and benefits, expanding our value proposition. Through partnerships, we're able to provide customers with access to valuable adjacent services that complement our core marketplace and software products while maintaining our capital-light business model.

Importantly, these solutions help embed hipages further into the day-to-day operations of our customers' businesses and provide incredible value to our customers. As engagement increases, does retention, customer lifetime value, and our ability to participate in a larger share of customer spend.

This slide highlights the strength of our position we've built over many years. Today, hipages is the clear category leader across both sides of the marketplace.

For households, we're recognized as the number one platform for connecting with trusted tradies and home improvement experts. For trade businesses, we're increasingly recognized as the number one place to grow their business.

Slide 15 shows how we are extending our reach, building new channels, and laying the foundations for future growth. Our media model is evolving from a historical sponsorship focus to a diversified, always-on model that is more scalable and reaches new audiences.

That directly supports our TAM expansion strategy, allowing us to expand the value we offer beyond job leads and to expand beyond our traditional audience into new adjacencies. We are also establishing social media as a genuine growth channel, fueling registrations while boosting engagement and followers across Facebook, Instagram, and YouTube.

Underpinning all of this is a strong brand, with awareness at 68% among homeowners and 73% among trade businesses. Looking to FY27, we are focused on AI-powered growth, visibility across AI and LLM platforms, and AI-assisted job postings, more personalized experiences, and laying the household platform foundations through loyalty and trust initiatives.

With that, I'll hand over to Jaco to go through the financial and operational performance of FY26.

Thank you, Roby. FY26 was another strong financial year as we delivered on all our financial targets set at the half year.

Total revenue increased 9% to $90.6 million, and EBITDA increased 17% to $22.9 million, while our EBITDA margin expanded to 25.3%, up 1.7 percentage points. Our free cash flow increased 66% to $9.4 million, with the free cash flow margin now over 10%.

MRR was up 8% to $8 million, translating into an ARR of $95.6 million. Statutory net profit after tax of $15 million was up substantially from $2.4 million in FY25.

This is due to the recognition of previously unrecognized net deferred tax assets, principally related to historical tax losses and R&D tax offsets. On a pro forma basis, our NPAT was $6.1 million, up 156% on last year's result.

Our cash balance increased to $34.2 million while we continued to invest in growth initiatives, including the Viz acquisition, providing the business with flexibility to invest in future organic and inorganic opportunities. Serviced businesses lifted 10% to over 60,000, with Viz contributing approximately 4,500 new businesses.

ARPU increased 9% to $2,475, with subscription businesses remaining robust at 36,400. We continue to exhibit high quality of earnings and strong cash generation, with the key standout being the 50% free cash flow flow-through rate, with every $1 of growth revenue generating 50 cents in free cash flow.

Slide 18 shows our continued ARR growth, up a healthy 8% in FY26, as I mentioned before. Growth was supported by migration to higher-value platform plans, customer ascensions, and ongoing optimization of pricing across both Australia and New Zealand.

These drivers collectively supported another year of steady recurring revenue growth, which accounts for 98% of the group's total revenue. Turning to slide 19, serviced businesses grew 10% in FY26 to over 60,000, and this is the metric that best defines the opportunity ahead of us.

Subscription customers at a point in time only tell part of the story. What matters more is the total number of trade businesses we engage with across the ecosystem on either a subscription or a transactional product.

That growth came from two sources: on a like-for-like basis, serviced businesses were up almost 2% to 55,900, and the acquisition of Viz Insurance added a further 4,500 businesses, expanding our addressable market into a genuinely new adjacency. This matters because every additional business we service represents a potential customer for future products and services, whether that's lead generation, job management, insurance, finance, or other expansion opportunities.

Growing this space is what creates the opportunity to sell value-added services outside the lead generation subscription model, and it is where we see the next leg of revenue growth coming from. Underpinning that, the subscription base remains healthy, with 36 36,400 businesses at the end of June and ARPU up 9% to $2,475, reflecting our pricing plan migration, dynamic lead pricing, customer ascensions, and the ongoing rollout of additional platform functionality.

Turning to slide 20, a key highlight of FY26 was further margin expansion, with our EBITDA margin reaching a record 25.3%. Our cost-conscious approach, combined with increasing operating leverage, enabled EBITDA to grow faster than revenue, with total operating expenses reducing to 75% of revenue.

Sales costs reduced to 12% of revenue, supported by the increased efficiency that AI-powered tools are delivering across our sales teams, reducing admin time and enhancing customer conversations. While marketing costs reduced a further 1 percentage point to 24% of revenue, reflecting our continued focus on marketing ROI while navigating a challenging macro environment and increased competition.

Importantly, we achieved these outcomes while continuing to invest in technology, product, and strategic growth initiatives. Investment in technology is fundamental to our success.

Pleasingly, technology spend of $20.7 million was held to 23% of revenue, down from the 24% in FY25, and continues to trend lower as we scale, reflecting our investment discipline and the scalability of the platform we are building. Importantly, we did this while stepping up AI-enabled product delivery across existing functionality, launching review management, a new household AI assistant, and a broader perks and services catalog.

We remained disciplined around capitalization, and we continue investing in initiatives that drive meaningful returns over time. I will now turn to our hipages Australia business.

The macro environment remained uncertain during FY26, with subdued consumer confidence weighing on household discretionary spend. This resulted in job volumes being approximately 3% lower than the prior year, with connections down 5% year-on-year to 2.6 million.

However, despite the softer activity environment, the marketplace continued to perform exceptionally well. Connection rates remained very strong at 84%, demonstrating that households continue to receive quality outcomes and that businesses remain highly engaged on the platform.

Importantly, our yield strategy more than offset lower marketplace activity. Through ongoing lead pricing optimization and increasing customer migration to higher-value customer cohorts, we continue to grow revenue while maintaining strong marketplace health.

The customer mix chart on the right shows the shift in our customer base towards higher-value plans over time. We're seeing a larger proportion of customers move into high-value subscription tiers as they experience the value of the platform and seek access to more opportunities.

In fact, more than 20% of new customers move to a higher price point within the first six months on the platform. Slide 24 brings together the two measures that matter most for hipages Australia: how many businesses we serve and how valuable they are to us.

Serviced businesses grew 2% to 49,800. Revenue per user across that base increased almost 6% to $1,714, continuing the steady climb you can see through the chart.

Growth in the total base is what creates the opportunity to sell value-added services outside the subscription model, extending our growth opportunity well beyond the traditional marketplace offering. Underpinning that, the subscription base remained highly resilient, with 33,000 subscription businesses at the end of June and ARPU up 8% to $2,575, driven by ongoing pricing optimization, customer ascensions, and increased engagement with platform functionality.

Importantly, our 12-month revenue retention held stable at approximately 58% despite ongoing pricing and product evolution. That highlights the strength of the value proposition we're delivering to customers.

Slide 25 shows that platform engagement continues to grow strongly. Monthly active users of our job management features reached 7,200 in June, up from 3,800 a year ago, and frequency of use is deepening.

Power users, those taking four or more actions a month, are up 82% year-on-year. By the end of FY26, approximately 22% of our Australian subscription customers were using a job management feature in the month, and that has since risen to around 23% in July.

This engagement is translating into retention. Our power users exhibit 6 to 8 percentage point incremental retention benefit, and as adoption grows, we expect further benefits to customer lifetime value over time.

Turning to New Zealand on slide 27, revenue per user across the serviced business space grew 22% to $839, while the number of serviced businesses held flat at 6,100. Within that, our subscription businesses delivered ARPU of $1,501, up 26% on the prior year across 3,400 businesses at the end of June.

This demonstrates that the full subscription model is delivering exactly the outcomes we expected: customers are more engaged, customer quality is improved, and yields continue to increase as we optimize pricing and customer journeys. Importantly, the customer numbers remained broadly stable, the quality of those customers has improved significantly, and as in Australia, the total base of businesses we serve in New Zealand creates the opportunity to introduce product beyond the lead generation subscription.

Combined with opportunities to introduce future services and leverage learnings from Australia, we believe New Zealand remains well positioned for continued profitable growth. I will hand back now to Roby for the FY27 outlook.

Great, thank you, Jaco. Some fabulous results there.

Let's look ahead. The progress achieved during FY26 positions the group strongly, and looking ahead, our focus remains on sustainable growth, platform engagement, AI integration, and expansion services.

We will continue investing in product innovation while maintaining disciplined cost management. We're entering FY27 with momentum, a strengthened balance sheet, and multiple growth opportunities across the business.

For FY27, we are targeting revenue growth of 9% to 11%, EBITDA margins of 25% to 27%, and free cash flow of between $11 million and $13 million. These targets reflect our confidence in the operating model while remaining prudent given the macroeconomic backdrop.

One of the most compelling aspects of hipages is our operating leverage. As revenue grows, a significant proportion of our cost base remains fixed.

This creates margin expansion in our strong cash generation. Looking ahead, we believe the business has the potential to deliver significant long-term profitability at scale, and we continue to target cash conversion of 40% to 50% on incremental revenue.

Before we move to questions, I'd like to thank the entire hipages team for another year of excellent execution. I'd also like to thank the shareholders for their continued support.

We're pleased with what we achieved in FY26, excited about the opportunities ahead, and we continue to build the leading platform for trade businesses and households across Australia and New Zealand. With that, we can now open the line for questions.

Thank you, Roby. Our first question is from Richard Harrisberg from Canaccord Genuity.

Richard, we'll just hand over the speaker role to you, you can speak. Just remember to unmute.

Thanks very much, team, and hopefully you can hear me okay.

Hear you well. Thanks, Richard.

Done, Roby and Jaco, on a great result, and the product's looking really good, especially some of the job management features. Just a few questions from me.

Really strong uptick in the utilization of the job management features that you saw in March, up from December, which obviously great to see. Just wanted to understand sort of what drove that really big jump there.

Was that Viz Insurance related, or was there another specific product feature released? Maybe a bit of color would be great.

Sure. Viz wasn't really in play for the year.

It really came in because the acquisition only happened later in April. We haven't really fully embedded it yet.

That's actually happening right now. We put that aside.

Hopefully that will drive more engagement in FY27. That's the plan, for sure.

In terms of what drove the engagement, those six features that were highlighted in the video and others have been instrumental in getting more and more adoption. We use a product discovery approach where we speak to our customers to understand what will drive adoption, and based off that, we then release those features quite rapidly.

We're using quite a lot of AI in our code now to roll product features out faster, and that's been having a very meaningful impact on our adoption and growth in those active and particularly, what's more important, those power users.

Maybe also to add, Richard, when you compare December, you should remember that December is typically a low activity period for trade activity. Hence, you would find that December, because it measures activity on the platform and usage of the job management features, and over December, you would find that many of the trade businesses are out on holiday, there's not as much activity.

You should be expecting to see December usually has a bit of a dip compared to the rest of the year.

That makes a lot of sense. Still, even over a six to nine-month period, a really strong jump there, well done.

Then I guess moving on to just on the guidance. The EBITDA margin guidance range you've got is 25% to 27% on 9% to 11% revenue growth.

Obviously I have no doubt that you'd like to see the upper end of that range, but just help me understand the 25% part, which obviously would be flat year-on-year. Is that because you're potentially looking at spending a little bit more on R&D or sales and marketing, or what's sort of the lower end of that range imply?

On the EBITDA range, Richard, we are consolidating Viz Insurance into these results. Obviously from Viz Insurance being the first year that we're bringing in, Viz is only really at the break-even point at this point in time.

We have to incorporate what that would have on the results. Our core business, obviously, is still highly highly profitable, and on that basis, we believe that that's where we will basically see the margin expansion.

That's why we see the ranges where they are, Richard.

Got it. That makes a lot of sense, you still see good operating leverage in the core business.

No, that's great. Maybe just a couple more from me just on the new expansion services that you're pursuing.

Obviously, insurance came through the Viz acquisition, but the other services you're looking at like accounting and procurement, do you think those will be another couple of sort of bolt-on type opportunities over time, or is that going to be where you're using the cash balance that you've sort of built up, or more sort of internal developments? Yep, some color there would be great.

Maybe a timeline as well.

Absolutely. We'll be looking at doing a lot of those things over the course of this financial year.

The opportunities present themselves in different ways. We haven't hidden the fact that because of the material cash balance that's accumulating in the business, we are looking for inorganic opportunities, and that is an always-on function in the business.

Some of those expansion services will be through investment, acquisition, and some of them we'll be looking at possibly partnering, or other ones will be simply just affiliate-type lead sort of generation-type deals that might be coming through our perks programming. There's a variety of different opportunities in those expansion services that are presenting themselves.

Sometimes we'll just do a light integration through an affiliate or a perk arrangement, a partnership arrangement, but if there's something that's quite lucrative or very embedded as part of the, say, the business side of things, we probably look to do something inorganic there. In terms of the household side, we're really early stages there, but we would also be applying the same type of mindset in looking at household opportunities for our space.

Awesome. That's really helpful.

Maybe just one more from me. Just know, especially in the video you guys played there, the product's looking really good.

If I was a tradie or trade business, I'd love to use it. I'm just wondering if you've had a thought on sort of global markets, if there's any markets out there that this sort of product could be applicable to over time.

Obviously, I know it's early days, but looking out long term, is that a potential for you guys?

We're very focused on the Australian and New Zealand market. We still have a long way to go, particularly around our AI products: the AI receptionist, the AI assistant that I highlighted in the report.

We also want to roll it out into New Zealand successfully. We've had a good run replicating everything that we've successfully achieved in Australia in New Zealand, and we'll continue to do that.

I think over the next 12 to 24 months, Richard, that's something we could explore, but at this point in time, we're very focused on making sure we execute well in what is a very large TAM in the Australian and New Zealand market, both on spend and actually number of businesses that we can potentially and customers we can serve.

Got it. Thanks so much for taking the questions, and well done again, team.

Thanks, Richard. We'll just hand over now to Jules Cooper from Shaw and Partners.

Jules, if you just take yourself off mute. Jules, if you just take yourself off mute, you should be able to speak.

We'll move on. We've got a couple of questions, written questions.

We've got two questions from Michael Trott from MST. So, "Hi Roby and Jaco, well done on the strong cash generation and margins produced over the year.

Just wanting to gauge some color on the slowdown in the subscriber base for a second consecutive year. What dynamics are at play here?

Are you seeing these businesses move across to different providers? Is it a function of business simply lapsing because of economic pressures, or is it something different entirely?"

Thanks for the question. Yes, big call-out for this year is that we've made a change in our approach to communicating our customer numbers for the business side of the platform.

Essentially, we're very much focusing now on a this year and go-forward basis is to talk a lot more about the number of serviced businesses that we offer, and yes, the subscriber number has been relatively low or lower in terms of growth and more flat over the last two to three years. I think from a way to answer that question is to look at it in two parts.

One, the strategy for the business has changed. We're moving into a multi-product domain, and not all our products are aligned to a subscription.

For example, insurance is not a subscription. It's more transactional, and we'll be introducing a lot more transactional-type products or different types of products that have different types of terms attached to them.

It's one of the better ways to reflect that strategy is by looking at actually the size of the TAM that we are penetrated in, and the serviced businesses is the best measure for that. That's the strategic answer to the question.

I think the second part of answering that question is just looking at our core marketplace business. We've never really been able to reflect, because it's a point in time with the subscription number, what our numbers are.

For example, Jaco mentioned in an earlier question, for example, Christmas, the December period is a seasonal low, we would typically have lower subscriber numbers in that period as they come off and then come back in in January. Subscription is not necessarily the best indicator of how the business is operating.

One of the challenges that I've had in the past as well is that as a marketing solution in our marketplace product, customers come in and out as their needs serve. Some might join for six months, some might join for 12 months, but we don't reflect those type of transitions in a subscriber number.

A serviced business, per the definitions of someone having a transaction with us in the last 12 months, does reflect that activity. I think what we're seeing with the macroeconomic environment, that does lend itself a little better to a serviced business narrative.

Now to be transparent, we do still provide the subscriber numbers. It's in the grids, it's still in the qualitative commentary on the slide.

That is part of the change. In terms of the part of the question around are they using other providers, we don't see any change there based off our brand dips that we recently completed.

Our brand awareness is increased, actually, and utilization of our services is still consistent. Typically what we see in an environment where the economic conditions are a bit tighter, when jobs are a bit lower, we generally get those sort of tailwinds where customers should be joining us.

We are seeing higher numbers of registrations, maybe not as good of conversions because of the economic conditions, but we are definitely seeing a much higher number of registrations coming through.

Thanks, Roby. Michael had a couple of follow-on questions.

Further to his question on the subscriber slowdown, "Notes your FY27 revenue growth guidance is strong. Can you break down what is driving this positive outlook?

Are you looking to pass through meaningful price increases? If so, how much of this is associated to the additional insurance capacity?"

There's many parts to that, I'll try and break it down as much as I can remember. So 1% of the growth is coming from our Viz Insurance investment.

The remainder of the growth, and I just think it's important and it's a good question because it gives me the opportunity to just explain the marketplace value proposition. We have a lot of data around the value that we create for our customers and the amount of value that we capture as a business of that value.

We know that we're probably generating close to $2-plus billion worth of work for our customers. Our take on that, the value that we capture, is still around 4%.

That's very, very low when you think about a marketplace. We think that there is a lot, lot, lot more of growth to come as we get better pricing, new product into our subscriptions, pricing on our leads, and add-on features.

There's a lot, lot more of opportunity in terms of a yield. The headline answer to that question is, yes, there's going to be another year of yield play, maybe similar sort of mix of yield and count per last year, but hopefully, and we're very confident with our ability to deliver with the new products and features that we're rolling out to achieve that revenue growth.

This follows on well, Roby. Finally, "With respect to the planned future verticals, how are these tracking, and are we likely to see any of these in FY27?

If so, have you incorporated these into your guidance?"

We intend on doing more of these integrations over the course of FY27 as deals progress or as integrations and partners are found. To be transparent, we've put very, very little if not any in our revenue numbers, those will potentially be upside to the numbers that we're targeting.

Great. Jules, I'll just hand over to you.

Jules Cooper from Shaw and Partners, just remember to unmute your line.

Yep, I've got that now, worked it out. Roby, Jaco, great results.

It was sort of building on the earlier question. I think you've answered it in terms of the revenue mix to get that sort of 9% to 11% growth.

I wondered, Jaco, if you could just maybe make a comment around development spend, what you think the business might look to capitalize in the year ahead, just so we can sort of square away the cash generation of the business.

Sure, Jules. I think we're very consistent in how we approach what we call technology spend, and what we have been communicating over the last couple of years.

On a dollar basis, we are still seeing technology spend, and when I say technology spend, just a reminder that we think about that as total technology spend: about 70% of that is sort of what we capitalize, and then the 30% typically relates to more of the maintenance component. When we think of that bucket of technology spend, we still see that as a dollar basis going up year-over-year.

We are again very conscious in terms of bringing that down as an overall percentage to revenue. We still on track, and we still sort of work towards that one percentage point drop as a percentage of revenue year-over-year.

That's how you should think about it, and that's how we think about it.

Yep, nice. Thank you very much.

Appreciate it.

Thank you. We've got a couple of questions from Mark Wenzel.

The first is, "Are you concerned about a drop-off in consumer inquiries?" I think Mark might be referring to jobs there.

"And can you talk more specifically about the inquiry rate since 30 June?"

Sorry, I missed that. Could you repeat the question?

Apologies, Kylie. Yeah.

"Are you concerned about drop-off in consumer inquiries?"

Yes. "And

can you talk more specifically about the inquiry rate since 30 June?"

Sure. The macroeconomic environment is not great, and I think we've seen that.

We don't need to be an economist to know that. We just need to read the media and look at the reports.

Definitely, inquiry volume dropping off is not helpful. We are working internally to find new channels to bring in, to drive more volume.

We've been in these situations before, and it's about reactivating those opportunities. In the reality of things, though, what it does mean is if the macro environment is softer or inquiry volume is softer, that means that we need to address more yield.

We can pick up, as I said earlier, our take rate is quite low as a percentage of the value that's created. In order to confirm or achieve those targets, what we will do is probably move more on yield, as from the pricing elasticity of a constrained market means that we have more pricing power.

That's how we feel confident about being able to deliver. Remember, we're a very counter-cyclical business, which means that we do better in a more constrained economic environment, feeling very confident in our ability to achieve those targets.

Great. Mark had another question: "You are buying back 13 million shares of your stock, but have only bought back 400,000 in four months or thereabouts.

Why is that, and do you expect to meet the 13 million in this year?"

Jaco, do you want to take that one?

Sure. I think the one challenge that we are finding is the volume that's available in the market.

Again, we are still early in this process. We only started with the buyback around the 15th of May, and obviously we stopped that as we went into the blackout period, and we'll only start commencing that maybe towards sort of mid-September again.

Yes, we still committed to seeing the program through towards the full 12 months. Again, it's going to be dependent on volume available in the market, and if share prices are at the levels which we believe are fundamentally undervalued, then we would continue with the program.

Whether we could get to the 10%, that's going to be dependent on market dynamics.

Thanks, Roby and Jaco. We have no further questions.

Great. My closing remarks to everyone: Thanks again for those who joined the webcast today.

We look forward to speaking to quite a lot of people over the next few days. We are really, really pleased with the results for FY26, very, very excited about our product and delivery for FY27.

It's really an exciting time to be a part of this business, and again, thank you, everyone, for your support today.

Thanks, everyone.

Thank you.